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Deals and Don’ts – Eden Hill, Edgewater, South Lake

Wednesday, 28th Dec 2016

Deals

Eden Hill

Purchase price: $430,000
Purchase date: October 2016
Block size: 669sqm
Specification: 3 bedroom, 1 bathroom dwelling, zoned R17.5

Deal: This property represents a deal because of its great condition (being recently renovated) coupled with its future development potential – using the corner zoning discretion and the 5% variation its zoning could be increased to R25. The cheap price point and the fact Eden Hill is a gentrifying suburb along with the individual benefits of the property with its location opposite a park make for good long-term growth prospects.

Edgewater

Purchase price: $532,000
Purchase date: October 2016
Block size: 789sqm block
Specification: 4 bedroom, 2 bathroom house built in 1984, zoned R20/40.

Deal: This property represents a deal for its strong development potential being zoned R20/40, in addition with its location on a corner block, which will allow for enhanced development designs. It is also in a highly rentable condition featuring 4 bedrooms and 2 bathrooms making it suitable for a family.

South Lake

Purchase price: $450,000
Purchase date: October 2016
Block size: 775sqm
Specification: 3 bedroom, 1 bathroom house built in 1987, zoned R20.

Deal: This property represents a deal because it neighbours a park and is subject to rezoning as a draft R60. The property also presents well with a basic internal presentation that is clean and liveable.

Don’ts

Applecross

For sale price: $299,000
Specification: 2 bedroom, 1 bathroom apartment in a complex of 21 built in 1964

Don’t: This property doesn’t represent a good investment because it is located on a busy road in an aging flat-style complex with other affordable housing. The complex is dated and poorly presented with little chance of revitalisation due to the strata ownership style. A number of new large-scale apartment developments from the nearby Canning Bridge precinct will also add significant new apartment stock to the area, which will contain future capital growth.